Jos. A. Bank sank after the retailer said it would consider increasing its bid for Men's Wearhouse in an effort win access to non-public financial information about its rival menswear retailer.

NEW YORK (TheStreet) - Shares of Jos. A. Bank Clothiers (JOSB) fell Thursday after the menswear retailer said it would consider upping its bid for rival Men's Wearhouse (MW) if a larger-sized offer would provide it with access to non-public financial information.

Shares of Jos. A. Bank declined 3.8% to close at $47.95 while Men's Wearhouse fell 3.1% to finish regular trading at $42.30.

Jos. A. Bank is willing to raise its acquisition price if it was "given the opportunity to conduct limited due diligence in order to determine that such an increase would be justified," the company said in a statement. The proposal will be terminated on Nov. 14 if the Men's Wearhouse board of directors does not engage in discussions with Jos. A. Bank.

Earlier this month Men's Wearhouse rejected a $2.3 billion cash takeover offer by Jos. A. Bank, saying that the bid "significantly undervalues" the company and "is not in the best interests of Men's Wearhouse or its shareholders."

The deal proposed a takeout offer of $48 a share -- a premium of approximately 42% to Men's Wearhouse stock's closing price the day before the offer was sent on Sept. 18, 2013.

"Our evaluation of Men's Wearhouse was necessarily based solely on publicly available information," Jos. A. Bank Chairman Robert Wildrick said in a letter to Men's Wearhouse CEO Doug Ewert, dated Oct. 31. "We believe that if we were provided with access to a limited amount of non-public information we could promptly determine whether we could increase our proposed acquisition price. We are, of course, prepared to execute a mutually acceptable non-disclosure agreement to provide Men's Wearhouse with the assurance that any information provided will be kept confidential."